Piper Jaffray said, "We are initiating coverage of Coronado Biosciences with an Overweight rating and a $17 price target. We believe lead asset, CNDO-201, represents a novel approach to the treatment of autoimmune disease, using the porcine (pig) whipworm to modify the immune system and reduce inflammation. We believe early data suggests a highly differentiated profile and potential blockbuster status. … We see Phase IIb data from two ongoing Crohn's studies (2H13) as the key upcoming clinical catalysts, with Phase II trials from a range of multi-billion dollar indications (ulcerative colitis, MS, RA) providing further upside."